India supports a thriving work culture and nurtures a wide pool of talent. So much so that the newly launched show ‘Shark Tank India’ has quickly become a hit with the general public. This is thanks to the country’s booming start-up culture, which is supported by relevant regulations. Even so, sustaining and growing a business is not an easy task. Every year hundreds of businesses shut down in our country owing to several reasons.
The majority of the difficulties in beginning a business stem from failing to accomplish the minor things correctly. The fundamentals get you to the top, as any competent coach would tell you at some point. So, whether you own an escape room in Bangalore or a completion coaching institute in Delhi, there are certain things all up-and-coming businesses should keep in mind as they grow and expand themselves steadily. Take a look at these 7 tips every business should keep in mind: –
1.Look to your finance
If you don’t have enough operating capital to satisfy your business’s needs, it’s unlikely that you will be able to expand. Only by having adequate financial resources will you be able to steer your company in the right route for expansion. Typically, you must put your personal money into the venture and have “skin in the game.” To get your business idea off the ground, you will need to put in at least a small amount of money. Once you’ve done that, you should look into other options for funding, such as standard lending options including banks or more inventive options like crowdfunding.
Angel investors are also a viable option. Along with money, they give advice and industry-specific experience. Because angel investors play an active role in your firm and frequently take an ownership position, the negative is that you are likely giving up some control of your company. Similarly, venture capital firms invest in start-ups and growing businesses. They have a larger pool of possible capital than angel investors and are well-connected. Taking venture finance, like angel investment, entails a certain amount of relinquishing control. There are many possibilities available, and alternative finance companies have been assisting SMEs for years since their solutions are tailored to smaller businesses. Cash flow finance, business cash advances, and business overdraft facilities are just a few of the many financing options accessible.
2.Keep up with the Technology
It is imperative for young businesses to get on acquainted with the rapidly evolving technology in today’s world. Technology plays a role in every business, big or small. So, business owners can benefit from not only having an understanding of the technology that impacts them directly but also by keeping track of how it changes and staying on-trend.
One of the most important investments your company should make is in mobile technology. Millions of people use their mobile phones to access the internet more frequently than they do their computers, therefore failing to meet the needs of this population will cost your company a lot of money. In fact, 52% of customers say that if their mobile experience falls short of their expectations, they are less inclined to engage with the company. There are tools available to assist your organization in every aspect. Hootsuite can assist your company to have a stronger social media presence; Slack will dramatically improve your team’s communication efforts; and Dropbox will allow you to access files from any device, anywhere in the globe. Failure to embrace technology will set your company behind, allowing your competitors to leap ahead while you fall behind.
3.Up your marketing game
Today’s business environment is more competitive than ever, which is why marketing should be at the top of your priority list. Online marketing may provide your products and services a whole new dimension. Young businesses should be willing to experiment with new forms of online marketing and offline marketing to discover what generates the greatest interest. Changing, testing, and mixing your marketing activities on a regular basis might help you figure out what works, what doesn’t, and what kind of outcome you are getting.
It is absolutely essential for all businesses to increase brand awareness and consumer loyalty. If you want to keep your consumers, you must be aware of their requirements and desires. One way to do this is to become more customer-centric. Learn what makes people want to buy, what types of content they prefer, and where they hang out online to master the customer journey here are a plethora of digital tools available to assist you with this, so all you have to do is figure out which ones would work best with your business plan.
4.Outdo your competitors
You should always be aware of your competitors’ moves, including how they market and how they price their products. You may be the only one of your kind in your town or sector, but that doesn’t mean you don’t have indirect competitors. Successful entrepreneurs confer with their management team to determine the company’s strengths and limitations and those of competitors. It is a good idea to look for flaws in your competitors’ strategy and see how your company can better perform in those areas. You will need to figure out which elements of your competitors’ businesses are weak and leave a lot to be desired.
The ability to act on this and exploit those weaknesses is what distinguishes exceptional businesses. Find your competitors’ flaws, figure out how to transform them into a fantastic opportunity for your company, and then design marketing campaigns around these flaws to solidify your position as the superior alternative. You must recognize and comprehend both your direct and indirect competition in order to identify ways to outperform them.
5.Failing to plan…is planning to fail
You’ve already set yourself up for failure if you don’t plan ahead. Without a well-thought-out strategy and vision, businesses will fail to succeed in the long run. The plans may evolve or require some flexibility in a small business, but you should still have a written down and thoroughly considered roadmap to follow. Make sure you have a formal business strategy in place to guide your SME. To construct the ideal business plan, you will need to know everything from how you will promote your company to how much money you will need over the next five years to meet your objectives.
A concrete business plan will give your business a solid start with feasible goals to work on. Make sure they’re ambitious but not unrealistic. High-growth, venture capital-backed enterprises are all the rage right now but ask yourself if that’s the path you want to take, rather than self-funded steady growth, which is sometimes more controllable and, for some, the potential success, balanced with the stress and risk of rapid expansion. Also, you will be able to use all of the resources currently available to you. Management can gain a sense of what needs to be done through planning and will look for solutions to meet these expectations. Knowing what you are working with is crucial, especially if you are a small business with few resources.
6.Focus on your network
Networking gives you access to opportunities that you might not be able to find on your own. Your network has the capacity to give you knowledge on a variety of topics, as well as suggestions on how to enhance your business and make better decisions. A single contact might get you into meetings or interviews with numerous companies without you having to work to develop contacts at each one. Knowing how to use networking successfully may save you time, effort, and stress, making it a valuable tool for the growth of your organization. You will create stronger business contacts and, as a result, land bigger and better chances by engaging with other like-minded individuals. When building your network, there are a few easy things to keep in mind. For starters, concentrate on developing basic communication skills. Make sure to remember people’s names and listen attentively anytime you speak with businesspeople. You are already halfway there if you can establish some common ground as well.
7.Where’s the Data?
Big Data is a popular buzzword these days, but it’s a little misleading when it comes to most small businesses. The word refers to the torrent of data, measured in gigabytes and terabytes, that flows forth from a variety of sources. Big Data may be studied for trends, behaviors, and patterns if a corporation has the experience, computational capacity, and financial resources. Most small firms aren’t like that; they need to approach data in a different way. To begin, you must first establish which company concerns to address on a priority basis- it can be anything from pricing to customer service. After that, you may figure out how to leverage the data to uncover the information they require.
You can buy software such as Tableau or InsightSquared or engage consultants to mine data. This exercise can disclose details such as the likelihood that customers would respond to a marketing campaign, the best neighborhoods in which to launch a business, and even how the temperature of a restaurant influences drink sales. Businesses can also analyze how much it costs to service one customer with the help of this data. The important thing is to start small. First, think about knowing your own data and how to extract value from it. Adding that, as your capabilities grow, you can pile on more sophistication.
While you don’t have to accomplish all of these things at once, you should gradually aim to find a way to incorporate them. Start with one or two that are already aligned with how you run your firm to establish traction, and then gradually make modifications to accommodate the others.
